hello,
Can my father buy me a car by paying full cost of car money or down payment of 2 lacs through cheque from his account? Will I have to pay Income Tax on that amount which will be approximately 5 lacs or 2 lacs in case of down payment? Secondly does my father have to mention it in Income tax return?Do I have to mention it in I.T, return?
second question : can my father pay through cheque of his bank Rs 1.50.000 for my NSC purchase? If yes then do I have to mention it in income tax return as gift?
Does my father has to mention it in IT return?
Thirdly how much can my father give me through cheque for fixed deposit investment in a financial year? Do we both have to mention it in IT return?
Please do solve these queries.
CAclubindia
